Oil extended gains as supply tightness returned to focus.
Industry experts increasingly believed that Brent could exceed $100/barrel this year
International benchmarks for crude oil extended the rally on Monday, 18 September 2023 as investors opted to focus on the tightening supply conditions. Industry experts increasingly believed that Brent could exceed $100/barrel this year as Saudi Arabia and Russia’s output cuts could lead to a 2 million barrels per day deficit in the final quarter of the year.
Brent settled 50 cents higher at $94.43/barrel.
WTI rose 71 cents to close at $91.48/barrel.